PIMCO Rehires Two Staff as Post-Gross Rebuild Continues

Nobel Laureate Michael Spence has returned to the fund management giant just eight months after leaving.

PIMCO has re-hired two senior staff as it seeks to rebuild and reassure clients after the departure of co-founder Bill Gross last month.

The duo have spent just months away from the Newport Beach, California-based asset manager.

Michael Spence, who won the Nobel Prize for Economics in 2001, has joined as a consultant on “macroeconomic and global policy issues”, the fund management company said. He initially departed in February after “a number of years” with PIMCO in a similar consulting role.

Jeremie Banet has returned to the group just four months after leaving to pursue a career outside of investments, according to Bloomberg. He will become an executive vice president and a portfolio manager on real return strategies. Reporting to CIO Mihir Worah, he will manage inflation protection strategies.

Even before Gross’ shock departure on September 26, PIMCO was re-hiring senior staff in an effort to steady the ship following Co-CIO Mohamed El-Erian’s exit in January. Paul McCulley was brought in as chief economist in May and Sudi Mariappa was appointed as a fund manager at the start of 2014.

PIMCO also announced the hire of former hedge fund manager Geraldine Sundstrom in June. Sundstrom will join the group in the new year to work in its multi-asset team.

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